BSP Cook Islands Country Head, David Street, released the country's results for the full year to 31 December, 2019, noting a net profit after tax of NZ$3.32m, an 11.1% increase from 2018.
In announcing the results, Mr Street noted that 2019 was another successful year financially for BSP. The country has enjoyed several years of continued economic growth culminating in the country's graduation to High Income Status (OECD - July 2019).
Highlights of the BSP Cook Islands performance include:
- Total assets for BSP increased by 17.9% or approximately NZ$38.9m to NZ$257.0m;
- BSP net operating income was up by 4.5% for the year predominately from interest income from loans and advances; and
- BSP capital base remains sound, total capital adequacy at the end of 2019 is 19.9%. The capital adequacy ratio exceeds the minimum Financial Supervisory Commission (FSC) prudential requirement of 10%.
He acknowledged BSP Cook Islands staff for their efforts which resulted in another excellent year.
"BSP strategic focus for 2020 continues to be based around the customer's digital experience and we expect to introduce several new initiatives to promote merchant activity and assist with online payments," said Street
Street's announcement comes after the BSP Chairman Sir Kostas Constantinou released the BSP Group Full Year Results - 31st December, 2019, last week, noting a record consolidated operating profit after tax of K890.4m (NZ$409.58m), a 5.5% increase from 2018. Group CEO Robin Fleming and the board congratulated BSP Cook Islands on the results for 2019.